The egy for the daily pivot bounce is straightforward and effective. Step one would be to recognize a currency that is in a continuous stepped-up (or down) major trend. When a currency is trending in a way, it moves with a basket of paired currencies. So as many as four (or more) pairs might be traded in unison. The set of charts of EUR show price action whilst at a major bull trend on a 10 m time frame. The decrease set shows the pairs onto a 30 m time period which allows us to clearly see the stepped-up trend that is rising.
Here are the charts for EUR pairs that this morning at 8:55. Notice that price met its bottom on pairs at seven am GMT. This offers the buy entry signal (usually at the daily pivot, but not necessarily ). The line for reversal can sometimes be 4 am, however is usually 8 or 7. See the charts below for the form of this stepped-up rising trend. It seems to have stronger as the week progresses which is representing a EUR against all other currencies. I chose EUR/USD for my commerce and made 500 by setting a 50 pip target at 10 per pip. At the time I took this screen shot price was rising.
In short, here are the essential setup rules for the use of this egy:
1. Just scalp at the direction of the major trend.
2. For a long position be certain price is already above the daily pivot, and for trades price is below the daily pivot.
3. For long trades be sure the 20 ma (green) and 50 ma (blue) are above the 100 ma (yellow), and for quick trades that the 20 ma (red) and 50 ma (orange) are below the 100 ma (yellow).
4. Use a lower timeframe, i.e. 10 or 5 moment for precision entrance.
4. If price is retracing against the major fad, wait for it to reach a summit and then input from the direction of this trend.
5. Exit all open positions before a'news' item is scheduled to be published.
When these setup conditions are satisfied, a 30 m chart is to be posted so that we could be ready for a test-trade. After the move has been completed a chart will be posted to demone the outcome.